Bitcoin makes a splash as old miners return – But all’s not what it seems
As $2.7B flows into Binance, a resurfaced miner and strategic long-term profit-taking set the tone for Bitcoin’s next move.
Key takeaways
Bitcoin inflows to Binance surged, largely driven by a Satoshi-era miner. Long-term holders are taking profits as the market remains stable, but the spotlight is on what comes next.
Bitcoin [BTC] is making waves again, with a sharp shift in momentum. Since the 11th of July, Binance has seen $2.7 billion worth of BTC flow in; a clear reversal after months of steady outflows.
Interestingly, much of this surge seems tied to a Satoshi-era miner resurfacing.
At the same time, long-term holders are cashing out more aggressively than short-term traders, pointing to a cautious phase of redistribution in the market.
Binance becomes BTC’s main stage again!
After months of steady BTC withdrawals, Binance has flipped the script. Since the 11th of July — when Bitcoin hit new a new ATH — more than 23,000 BTC, worth around $2.7 billion, has flowed into the exchange.
The biggest spike came between the 14th and the 15th of July, possibly tied to a dormant miner wallet linked to the Satoshi era.
These wallets have now moved over 80,000 BTC in recent weeks, reigniting market curiosity.
Despite the large volume, Bitcoin’s price has remained steady; proof of how resilient the market is and how integral Binance remains for major BTC transfers.
Long-term holders take the bag!
Bitcoin’s SOPR ratio sat at 1.9 at press time — indicating that seasoned investors are realizing more gains compared to newer entrants.
This doesn’t yet suggest a major sell-off, but it does hint at a cautious phase of redistribution.
Usually, a spike above 3 has preceded price turbulence, so the trend is one to watch.
LTHs appear to be slowly trimming positions, while short-term holders remain relatively inactive; perhaps waiting for clearer signs before making their next move.
Momentum cools off, but no signs of panic yet
After a strong climb past $118K, Bitcoin’s rally is showing signs of slowing. The RSI hovered around 65 at press time — below overbought territory — hinting at reduced buying pressure.
Meanwhile, the MACD histogram seemed to be losing strength, with the blue MACD line approaching the signal line, suggesting weakening momentum.
This setup doesn’t signal a sharp reversal just yet, but rather a potential period of sideways movement or mild correction.
